Scratch a name off the list from the ongoing video shakeout. Mike Hudack’s blip.tv gets a fresh infusion from Bain.
(Blip refuses to release the amount. Let’s hope it’s big).
BLIP.TV SECURES FUNDING FROM BAIN CAPITAL VENTURES
Online Video Platform and Distributor Closes Second Institutional Round
NEW YORK, NY – October 21, 2008 – Online television network blip.tv today announced the closing of its second institutional round of capital, led by Bain Capital Ventures. Blip.tv joins other exciting companies in Bain’s venture portfolio, including LinkedIn, Thumbplay, The Find, Tokbox and LaLa Media. Blip.tv closed its first round of institutional funding in June 2007 with Ambient Sound Investments, the venture capital vehicle of the four founding engineers of Skype.
In conjunction with this funding round, blip.tv announced that it served more than 51 million video views in September 2008, a more than 250% increase over September 2007. Blip.tv measures video views by counting only one view per IP address per video per session.
“Blip.tv is the leading distributor of niche video programming on the Web, and we’re proud to add them to our portfolio,” said Jeffrey Glass, a partner at Bain Capital Ventures. “Blip leads its industry in the number and quality of content creators, in video views and in monetization. We’re thrilled to be joining the blip.tv team and we’re looking forward to exciting growth and innovation in the future.”
Blip.tv distributes more than 37,000 actively updated Web shows, which release an average of three new episodes per month. With Bain Capital’s support, the company will continue to enhance its industry-leading advertising platform while significantly expanding its syndication relationships. Blip.tv’s distribution network already includes platforms such as iTunes, AOL Video, Verizon FiOS and Sony Bravia Internet Video Link.
“Our goal is to make online shows sustainable by providing services of scale to independent creators and Web studios,” said blip.tv CEO and co-founder Mike Hudack. “Web show creators should be able to focus on creating great content while we take care of infrastructure, distribution and advertising on their behalf. With Bain Capital’s support we know that we’ll be able to grow our offerings for producers while providing value for distribution partners in the form of excellent episodic programming.”
Founded in May of 2005, blip.tv is known for hosting and distributing the top independent shows on the Web, including content produced by Michael Eisner’s Tornante Company, 60Frames and DECA. Michael Moore recently selected blip.tv as the primary distribution platform for his Slacker Uprising film. The company matches top shows with sponsors and operates a video advertising network of networks to monetise emerging shows. All advertising revenue is shared equally between blip.tv and show creators. Sponsors have included Unilever, Puma and Holiday Inn Express.
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